MANILA, Philippines — Businessman Federico “Piki” Lopez has asked the Securities and Exchange Commission to investigate top officials of ABS-CBN Corp. over alleged misuse of company funds.
In a complaint filed on May 6, Piki sought an audit of the media giant and an independent management committee to halt what he called the company’s “unabated dissipation” of assets.
Named respondents were ABS-CBN chair Martin “Mark” Lopez, president Carlo Katigbak and treasurer and chief financial officer Ricardo Tan.
Piki alleged that management had allowed “systemic fraud, misrepresentation” and unnecessary spending despite the company’s financial troubles following the loss of its broadcast franchise in 2020.
The complaint cited at least P45.5 billion in accumulated net losses from 2020 to 2025, which allegedly wiped out ABS-CBN’s retained earnings and left the company in deficit.
READ: ABS-CBN seen surviving amid Lopez family rift
Piki also questioned around P10.6 billion in compensation packages and advances to executives and other individuals during the same period.
He further flagged P12.1 billion in property and equipment purchases after ABS-CBN had lost its franchise to operate broadcast stations.
The complaint likewise raised alleged reporting irregularities involving subsidiaries, including dividend declarations backed mostly by non-cash transactions and unrealized gains.
The latest development adds to the growing feud within the Lopez family, which began after the camp of Eugenio “Gabby” Lopez III moved to remove Piki from leadership positions in the family’s business empire.
The dispute later escalated over controversial “poison pill” provisions tied to deals between First Gen Corp. and Enrique Razon Jr.’s Prime Infrastructure, which the Lopez majority claimed exposed shareholders to billions in risks. /dda